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Random Thoughts

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Gibson's?

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  • The first thing Minyan Charles Martell said to me when I walked into Gibson's? "Jeez Toddo, you sure took some generous liberties with your picture on the site!"

  • Despite Freaky Friday's reversal and Monday morning's meander, there is a noticeable absence of concern among the bulls.

  • S&P 980, which was initial support, serves as uber-short term resistance for the active Minyans among you.

  • How did rubbernecking become an everyday traffic term? Think about it -- rubbernecking! Sounds kinky!

  • Breadth, which has probably been the single best tell the last few months, continues at a 2:1 negative pace despite the intraday rally attempts.

  • Did Friday's downside reversal pass the baton from the bullish "panic" phase to the bearish "denial" phase?

  • While I will most likely be out next Monday, I am pushing out my (much needed) vacation to the first week in July. Why? I want to tie up a lotta loose ends so when I turn it off I can really tune it out.

  • Professor Succo is getting into the swing of things. You will not find a more astute options maven in all the land!

  • Is "Ponzi scheme" too strong a phrase when discussing the house of cards, er, derivative structure that supports our financial system?

  • Who are the top five baseball players of all time? Send your votes (in order) to Fokker@minyanville.com.

  • A big Minyanville welcome to our newest mini-Minyan: Axel James Carlson. Mother, father, brother and baby are all doing well! Wasabi!

  • Last night, while honoring Jack Skiba at his Long Island temple, I spoke with a handful of traders who toil on the sell-side (work at brokerage houses). They tell me what many of us already know: Despite the recent rally, the climate is brutal. Risk restraints are being employed by management, layoffs are coming through in waves and the year-end expectations are already being managed. While it surely stinks, it's all part of the weeding out process necessary to alleviate the industry overcapacity.

  • What ever happened to Quentin Tarantino?

  • Don't force trades -- be in a position to capitalize when an advantageous risk/reward sets up.

  • Thus far, the tape trades well considering the carnage in the Freddie Macs (FRE:NYSE) of the world.

  • Don Henley is fantastic.

  • I'm not seeing much "flow wise" today.

  • I have a hard time believing that Sammy Sosa picked the ONE bat with cork in it. Puh-leeze!

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